Announcement

Lesotho Launches a new Private Sector Development Project

Summary

On 27th March, 2014, the Government of Lesotho launched the Second Private Sector competitiveness and Economic Diversification Project (PSCEDP).

Updated on : 07-04-2014


Lesotho Launches a new Private Sector Development Project

The project is a follow-up operation that is co-funded by the World Bank and the Government of Lesotho to the tune of US$ 15 million over a period of five years.

The objective of the project is to further improve the business environment while supporting contributing to economic diversification by strengthening growth sectors such as commercial agriculture and tourism.

In his address at the launch, the Honorable Minister of Trade and Industry Cooperatives and Marketing, Mr. S’khulumi Ntsoaole presented the achievements of the first phase of the PSCEDP. He highlighted, among other things, company registration reform that resulted in a more simplified and streamlined company registration which led to a decrease in the number of days required to register a business from 28 days to 7 days. He further pointed out that the first project supported the design and implementation of a grading system for accommodation establishment which is consistent with the Southern African Development Community (SADC) and Regional Tourism Organization of Southern Africa (RETOSA) grading guidelines.

The launch also marked an official GLOBAL.G.A.P. certification of the first fruit farm in Lesotho for compliance with international standards for good agricultural practices.The mainobjective of GLOBAL.G.A.P.certification standard is to assist farmers to access and sell produce to favourable export markets at premium price, while ensuring food safety locally and internationally.

Speaking at the same event, the PSCEDP Project Manager, Mr. Chaba Mokuku said the plan is to build on the achievements of the first phase of the PSCEDP by further improving the business environment with focus on business licensing reform, improving financial inclusiveness and modernising the construction permit administration process. Mokuku further pointed out that the new project will support the roll-out of the star grading system for accommodation establishments and the roll-out of commercial fruit farming project, as well as to continue to support MSMEs through a Matching Grant, the Lesotho Enterprise Assistance Program (LEAP). He, however, emphasized that the prerequisite for achieving the development objective of the new project is a stable democracy and strong organs of state, and appealed to all present to preserve Lesotho’s democracy.


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